BRICS Begins Creation of New Digital Payment Platform
Russia’s Finance Ministry along with the Central Bank of Russia will propose several new financial initiatives to BRICS. The proposal aims to improvise and change the international monetary and global financial system as we know it. Russia will particularly focus on creating a new digital BRICS Bridge payment platform which will be a multisided option to the US dollar. The development is currently in draft and could be proposed at the next summit in October 2024. Also Read: 25 Countries On The Waitlist To Join BRICS The proposal will not only create a new BRICS digital platform but will also contain a set of financial initiatives and recommendations. The multisided digital payment platform aims to grow as an alternative settlement without the need for the US dollar. Russia will take the first step of de-dollarization by convincing the bloc to accept a new BRICS Bridge payment platform. Read here to know how many sectors in the US will be affected if BRICS ditches the do...